June 13, 2024
Radiation Protection Market

Radiation Protection Market is Poised to Register High Growth due to Increasing Healthcare Applications

The radiation protection market comprises equipment and solutions that help protect individuals and patients from harmful effects of radiation emitted during medical procedures. Radiation protection equipment such as protective apparels, shielding curtains, lead acrylic sheets, lead bricks play a vital role in nuclear medicine, interventional radiology, and diagnostic imaging departments. Advances in medical technologies have led to widespread use of computed tomography, fluoroscopy, and mammography resulting in augmented radiation exposure risks for medical staff and patients. This has fuelled demand for innovative radiation protection gear that provide optimum shielding and comfort.

The Global radiation protection market is estimated to be valued at US$ 1,792.7 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the radiation protection are Marswell Group of Companies, Mirion Technologies, Inc., Esco Micro Pte. Ltd., MAVIG GmbH., Radiaction Ltd, Burlington Medical, Gaven Industries, Inc., Nelco, Inc., Marshield, Radiation Protection Products, Inc., Ultraray, Lemer Pax, Berthold Technologies GmbH & Co.KG, SDS Specialist Door Solutions. These players are focusing on new product launches and strategic collaborations to strengthen their market position.

The rapidly growing healthcare industry along with increasing regulatory guidelines regarding radiation safety present significant opportunities for Radiation Protection Market players. In addition, growing medical tourism in developing nations of Asia Pacific and Latin America are attracting global players to expand in these untapped markets.

Key players are engaged in expansions and new facilities across global regions to improve geographic footprint and better serve local customers. For instance, Mirion Technologies recently opened new facilities in Netherlands and Poland to support its Western European customers.

Market Drivers

Stringent regulations regarding radiation safety across healthcare industry is a major growth driver for this market. Regulatory bodies such as Joint Commission and National Council on Radiation Protection have implemented guidelines to minimize radiation exposure of patients and staff. This has boosted adoption of protective equipment across hospitals and clinics. Additionally, increasing healthcare expenditure along with rising incidence of chronic diseases is further propelling the demand for advanced medical devices thereby augmenting need for radiation safety.

PEST Analysis

Political: Regulations related to radiation safety are becoming more stringent globally, driving demand for better radiation protection equipment and solutions. Healthcare institutions and industries are required to adhere to strict safety norms.

Economic: Growth in the healthcare sector, increasing prevalence of cancer, and rising radiation therapy procedures are boosting spending on radiation shielding products. Investments in nuclear energy and expansion of related industries present new market opportunities.

Social: Rising health awareness and focus on ensuring a safe working environment are positively impacting the adoption of personal radiation safety devices across medical, industrial and research fields. Workers are demanding adequate safety gear.

Technological: Innovation in materials science is leading to the development of lightweight and durable radiation shielding materials. Advanced radiation monitoring devices with remote diagnostic capabilities are gaining popularity. Growth of digital technologies is improving productivity and efficiency.

Geographical regions of concentration

North America remains the largest regional market for radiation protection, accounting for over 35% of the global value in 2024. This is driven by significant investments in new healthcare infrastructure, widespread medical insurance coverage and advancing radiological procedures. Europe is another major regional market benefiting from stringent regulatory norms and focus on workers’ safety. Asia Pacific is projected to be the fastest growing region during the forecast period supported by rising disease burden, growing nuclear energy industry and increasing government expenditure on healthcare services.

Fastest growing region

Asia Pacific region is poised to register the highest growth in the radiation protection market through 2031. Rapid economic development and increasing per capita income are enabling greater affordability of advanced radiation safety devices across medical, research and industrial verticals. Moreover, population expansion, urbanization and rising health awareness are consistently driving the demand for medical imaging and radiotherapy procedures. Countries like China, India and South Korea represent lucrative growth opportunities for market players in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it